Article 11
Acquisition and holding of real estate
1. Without prejudice to other limitations imposed by the responsible financial institutions supervisory body, financial institutions cannot acquire real estate which is not essential to the performance of their duties, installation and operation, except as a result of repayment of credit granted, in which case it must be disposed of within a two years period.
2. In accordance with the stipulated in the previous number, the supervisory body shall determine the provisions, namely accounting rules, which must be obeyed by the financial institutions for the acquisition of real estate.
3. The restrictions of number 1 of this article are not applicable to the nonbanking financial institutions listed in number 2 of article 5, however they must comply with the rules and regulations issued by the Insurance Supervision Institute.
Chapter II
Authorization of banking financial institutions with registered office in Angola
Section I
General Principles
Article 12
Applicability
The provisions of this chapter are applicable to the authorization of banking financial
institutions with registered office in Angola.
Article 13
General requirements
The banking financial institutions with registered office in Angola must satisfy the following requirements:
a) to carry out, exclusively, the activity legally permitted in article 4 of this law;
b) to take the form of a joint stock company;
c) to have a capital stock of not less than the legal minimum;
d) to have the capital stock compulsorily represented by nominative shares.
Article 14
Capital stock and capital raising
1. The National Bank of Angola shall be responsible for defining, by Notice, the minimum capital stock of banking financial institutions;
2. On the incorporation date, the minimum capital stock of banking financial institutions must be entirely subscribed and paid up.
3. Upon subscription of capital stock, if greater than the minimum, and when raising additional capital it is required that a minimum, of at least 50% of the amount subscribed, that surpasses the minimum capital stock is paid up. The remaining amount, either of capital stock or of additional capital, must be totally paid up within six months, counting from the incorporation of the banking financial institution or from the date of subscription of the additional capital.
4. The amounts received from the subscribing shareholders shall be deposited at the National Bank of Angola within five working days, counting from the reception by the National Bank of Angola of the authorization request for the incorporation of a banking financial institution, and the funds will remain unavailable till the finalization of the authorization procedures.
5. For the purposes of last number, the National Bank of Angola may define, by Notice, the terms and conditions of subscriptions described in numbers 2 and 3 of this article, when Treasury Bonds or Central Bank Bonds are used.
6. The increase in capital stock may result from the capitalization of reserves or from the revaluation of fixed assets, represented by real estate owned for their own use, according to the terms and conditions to be defined by the National Bank of Angola.
7. The National Bank of Angola must authorize the transaction of shares among residents, which alone or cumulatively, represent more than 10% of capital stock.
8. The National Bank of Angola must always authorize the transaction of shares when non-residents are involved.
9. Not withstanding the stipulated in Company Law, the National Bank of Angola must define, by Notice, specific rules for the subscription and acquisition of own shares by the banking financial institutions.